Regional property boom continues

09 February 2004
Every region in England and Wales has witnessed an increase in property prices except London boroughs Windsor & Maidenhead, and Islington and Camden, according to official figures.

The Land Registry reported the average house price in England and Wales rose 12.6 per cent in the fourth quarter, the last three months of 2003, from £145,251 to £163,584 year on year.

The increase is up from the 10.62 per cent rise in the third quarter.

Wales saw the largest gains with a 24.5 per cent surge in prices.

Greater London came in bottom with a 7.8 per cent rise but that in itself bettered the 5.4 per cent surge recorded in the third quarter.

In Windsor and Maidenhead, the average property price fell slightly (3.5 per cent) to £310,668 from £322,101 year on year.

In Islington and Camden, prices fell five per cent.

But property remains the most expensive in Greater London at £260,659, followed by the South East at £205,109 and the South West at £176,093.

The Halifax last week said average home prices jumped 2.2 per cent in January after December's 2 per cent rise.

Last Thursday, the Bank of England's Monetary Policy Committee increased interest rates by twenty five basis points to 4.0 per cent on the back of an increase in November in a bid to temper record consumer spending.